London-based FinTech startup Capi Cash has raised €17.2 million in a Sequence A spherical to scale its worldwide funds platform designed for SMEs in rising markets, primarily in Africa, Latin America and China.
The funding spherical was led by Creandum and joined by Janngo.africa, alongside present traders Y Combinator, Firstminute Capital, 4Cities, The Raba Partnership, Kara Investments, Algorithmic Methods, Insurgent Fund, Maiora, and Pioneer Fund.
“For tens of millions of small companies throughout creating international locations, paying worldwide suppliers is irritating, costly, and sluggish. Capi Cash is altering that with a platform that permits importers to pay invoices in underneath 48 hours—dependable, quick, and freed from middlemen,” mentioned Creandum in a press release.
Based in 2023 by Mitch Riley, Scott Liddle, and Tom Watson, Capi Cash goals to unravel a serious bottleneck for companies throughout Africa, Latin America, and Asia—paying worldwide suppliers effectively. Importers in these areas typically face excessive overseas alternate charges (round 10%), delayed financial institution funds, and complex paperwork, making international commerce sluggish and costly.
Capi Cash’s platform permits companies to pay invoices of as much as $/€1 million inside 48 hours, eliminating intermediaries and lowering transaction prices.
Riley and Liddle beforehand held C-level positions at Taptap Ship, a serious participant in cross-border remittances throughout Africa, Asia, and Latin America. Whereas client remittances have seen important innovation, they recognized a spot in enterprise funds, the place SMEs battle with sluggish, expensive transactions. Watson, a seasoned FinTech entrepreneur who Co-founded and exited Hubble, brings the technical experience to scale the platform.
Since going by Y Combinator simply 13 months in the past, Capi Cash has expanded to 4 African international locations, achieved multi-million-dollar income, and constructed a lean crew of 13 folks. With a user-friendly, self-service onboarding course of and a 24/7 funds platform, Capi Cash has launched a possible resolution for SMEs that want quick and dependable worldwide transactions.
Traders see huge potential within the firm’s imaginative and prescient. “Capi Cash has already achieved multi-million-dollar revenues in simply 13 months with a small however mighty crew,” famous Creandum. “We’re wanting ahead to persevering with the journey with them!”
With its newest funding spherical, Capi Cash plans to broaden its footprint additional, focusing on a €382 billion import market in sub-Saharan Africa (as per figures from the World Financial institution), with enlargement plans past.
By offering SMEs with sooner, extra inexpensive worldwide funds, the corporate is positioning itself as a key participant in the way forward for international commerce.
